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Coursera: Understanding Money: Pricing, Hierarchy, Liquidity and more!
Editor’s note: Perry Mehrling is a professor at Barnard College and the instructor for a new course on Coursera called “Economics of Money and Banking”. He shares with us some insights on his course as well as an insightful behind-the-scenes Q&A. This course introduces students to what I call the “money view” of the modern global economy, which builds on the intellectual traditions of British central banking and American institutionalism. The last three or four decades have seen a remarkable evolution in the institutions that comprise the modern monetary system. As a result, we need a similar evolution in the analytical apparatus and theories that we use to understand that system. But economics has failed to adapt. This became evident during the financial crisis of 2007 to 2009, a watershed event for economists all over the world because most didn’t see it coming, didn’t know what to do about it when it came, and didn’t know how to…